Wire Transfer Procedure

Introduction

In lieu of a check, The University of Texas at Austin can issue wire transfers and bank drafts to pay recipients who send an invoice to the university or have a contractual agreement with the university for services performed or goods received. After a department requests a wire transfer and the wire transfer is sent by the bank, a cash receipt voucher (VC1) is created and approved within 48 hours to debit the departmental account. The department will receive a copy of the completed VC1 plus documentation of the completion of the wire transfer or bank draft via intercampus mail. The original records will be submitted for imaging by Cash Management.

Wire Transfer

When requesting a wire transfer, a manual purchase voucher (State of Texas Purchase Voucher) must be completed. This should be submitted to Cash Management along with any purchase documentation such as the invoice, APS form, RTA form and/or payment contract. Also, the department must provide two authorized signatures from the charged account for purchases of $500 or more. The manual purchase voucher can be acquired at https://financials.utexas.edu/cash-management-services. The following sections must be completed on the voucher form. 

The following sections must be completed on the voucher form. 

A wire transfer information form must be completed with the following information:

All the above information must be included for the wire transfer to be processed properly. Any information not provided may delay the wire process. Also, incorrect information could result in the return of a wire and an additional delay in payment to the vendor.

• Attach payment documentation such as invoices, APS forms, and any correspondence from the vendor.
• If the payment is $500 or more, have two authorized signers on the department's account sign the voucher. If it is under $500, only one authorized signer on the account needs to sign.
• Scan and send all completed documentations to CNS Business Services (bservices@cns.utexas.edu), with  Subject: Wire Transfer Request – [Department]
• Business Services will review and obtain appropriate signatures and contact the requestor when the document is ready to be pick up.
• It is the department’s responsibility to send the voucher and documentation to:                                                                   

                     Cash Management

                     Campus Mail K5300

Once the wire transfer is complete, the department will be charged using a VC1. The VC1 will be FYI’d to the department requester and this individual will be able to retrieve the document copies from the image retrieval system (IRS) within a few days after the process date of the VC1.  The department requester will have the VC1 # in their inbox on Define.